Audit committees play a key role in offering assurance to the governing body with regard to internal controls, risk management and governance. Boards provide consideration and interrogation of financial planning, risk management and the strategic direction of the institutions. This includes the annual budget and financial forecast ensuring the institution’s financial health and solvency.
Organisational values, ethics, standards and sustainable practices (economic, social and environmental) all coalesce to support the Board in its endeavour to drive the strategic agenda and balance risk and opportunity. Audit (and Risk) is the glue that enables the institution to protect and create value in the interests of the institution, staff and students.”
Senior Adviser and Managing Consultant
Want to know more about Audit, finance and risk?
The information pack that covers audit, finance and risk contains links to all the resources and content available on this page plus more.
Audit, finance and risk reports, publications and resources
Advance HE has curated a number of resources to better understand what is required in audit, finance and risk for governing bodies in higher education. These cover guides on codes of governance, governing body effectiveness and research resources and are available to download below.
The governing body exercises oversight of the provider’s risk management and seek assurances from the executive that key risks have been identified and are being effectively managed. This briefing note highlights a number of topics in relation to risk management.
Once a provider’s strategic plan has been agreed, the role of the governing body is to monitor its delivery, and the achievement of the planned outcomes. To facilitate their role, governors will typically agree with management a set of key performance indicators (KPIs) to be monitored. This briefing note includes topics such as ‘Holding the executive to account’ and ‘Why measure and monitor?’.
The audit committee plays a key role in offering assurance to the governing body with regard to internal controls, risk management and governance. This briefing note covers a number of topics with links to guidance to resources to support audit committees.
This briefing note examines the area of finance. Higher education institutions (HEIs) are independent entities and governing bodies need to oversee the institution’s financial health. They need to ensure the institution is both solvent and sustainable.
GDP Audit & Risk Committees
This event looks at the role and function of audit and risk committees, considering approaches to take an appropriate overview of the major risks facing institutions, scenario planning and how risk assurance frameworks are evolving and more.